When we proxy trade finance by the sum of trade finance loans and export-adjusted notes receivable, elasticity estimates range between 0.18-0.31 depending on the sample of exporters. These estimates are comparable to single and multi-instrument…
Government subsidies have been used as a policy tool by many countries. Given the importance of government subsidies in the context of Chinese economy and state-owned enterprises (SOEs), this study seeks to understand the role played by government…